Category: The Nation – Nigeria

President Bola Ahmed Tinubu has assured Osun residents of adequate security during and after Saturday’s governorship election, urging voters to come out and exercise their franchise without fear or intimidation.

Tinubu gave the assurance on Thursday in Osogbo, the state capital, during the All Progressives Congress (APC) governorship campaign rally held to formally present the party’s candidate, Munirudeen Bola Oyebamiji, ahead of the poll.

Represented by Senate President Godswill Akpabio, the President said adequate security had been deployed across the state to ensure a peaceful election.

‘Let me assure all Osun indigenes that adequate security has been provided all over the state to ensure people come out to cast their votes for the candidate of their choice without any fear or intimidation,’ Tinubu said.

He urged voters to exercise their rights freely, saying: ‘Feel very free to cast your votes for the candidate of your choice. My advice, however, is that you choose wisely because there is need to link Osun State to the centre. We are waiting for Osun to join us.

‘I can assure you that nobody will molest you. You can only be molested on social media and not during voting.’

Akpabio, according to a statement by his Special Assistant on Media, Jackson Udom, expressed confidence in the APC’s chances of winning Saturday’s election.

‘From the crowd here today, I am more than convinced that APC is the dominant party in Osun State,’ he said, citing the presence of former governor and interim APC National Chairman, Chief Bisi Akande; former National Secretary, Iyiola Omisore; and Senator Francis Fadahunsi as evidence of the party’s strength.

Akpabio also thanked opposition figures, including former governor and Peoples Democratic Party (PDP) chieftain, Prince Olagunsoye Oyinlola, for supporting Oyebamiji.

He said the reported endorsement by the Accord Party leadership in the state further demonstrated the APC’s broad appeal.

Akpabio, however, expressed concern over the condition of the road from Ibadan to Osun, saying the state deserved better infrastructure.

‘On a personal note, I am not impressed by the condition of roads from Ibadan to this state. Osun deserves more than this. Osun should be better than what we have now,’ he said.

He charged Oyebamiji, whom he described as the incoming governor, to begin the transformation of the state from his first day in office through improved infrastructure and delivery of democratic dividends.

Other speakers at the rally urged APC supporters and Osun residents to vote for Oyebamiji in Saturday’s election.

Efforts by the Oyo State Government and the Hospital Management Board to prevent resident doctors at the Ladoke Akintola University of Technology Teaching Hospital (LTH), Ogbomoso, from resuming industrial action may have suffered a setback.

The Association of Resident Doctors (ARD), LTH, Ogbomoso, has threatened to resume its suspended industrial action on August 28, 2026, if the state government and hospital management fail to resolve its outstanding welfare demands.

The association made this known in a statement signed by its President, Dr Adedapo Mustapha, and General Secretary, Dr John Stephen, on Thursday.

The doctors suspended their industrial action on June 27, giving the hospital management and relevant authorities eight weeks to address their concerns.

Speaking on the development, Mustapha said the planned resumption of the strike was a valid warning to the government and other stakeholders to resolve the issues before the deadline.

However, a top source in the institution told The Nation on condition of anonymity that the management had been appealing to the doctors to show understanding, but that its efforts had not yielded results.

The source said a meeting was held at the Oyo State Government Secretariat, Agodi, Ibadan, earlier in the week to appeal to the doctors to give the government more time to conclude ongoing discussions.

According to the source, the doctors remained firm on their position that all their demands must be addressed or they would resume the strike.

The association said it suspended the action ‘in good faith’ to maintain industrial harmony, support the progress of the institution and prevent disruption of healthcare services to residents.

It, however, said several critical issues remained unresolved as the agreed eight-week period drew to a close.

The outstanding demands include full implementation and release of the Medical Residency Training Fund, implementation of the new Professional Allowance table, payment of minimum wage arrears, and urgent recruitment of resident doctors and other critical manpower.

The association said the welfare situation at the hospital had become increasingly difficult, stressing that its demands were neither excessive nor unreasonable.

‘These demands are neither outrageous nor unreasonable,’ the doctors said, noting that several of the welfare packages had been implemented in other healthcare institutions for years.

The ARD also raised concerns over the severe shortage of medical personnel at LTH Ogbomoso, saying the situation had left the available doctors overworked and overstretched.

‘The Hospital is experiencing gross manpower shortages, while the inability to attract and retain resident doctors is further worsened by the prevailing welfare conditions,’ the association said.

It added that prolonged and frequent call duties had increasingly become the norm for the few doctors available.

The doctors warned that the manpower crisis could have implications for patient care and safety.

‘This is not merely a matter of doctors’ personal comfort. The welfare of healthcare workers is intrinsically linked to patient safety, quality of care and the sustainability of healthcare services,’ the statement said.

The association appealed to the Oyo State Governor and relevant government authorities to urgently intervene and resolve the issues.

‘We particularly appeal to the governor to safeguard the future of LTH Ogbomoso and salvage the increasingly critical situation within the institution by ensuring the prompt resolution of these outstanding welfare concerns,’ it said.

The doctors maintained that they had no desire to disrupt healthcare services or inconvenience residents of the state, saying their preference remained dialogue and a mutually beneficial resolution.

‘Our preference remains constructive engagement, dialogue and a mutually beneficial resolution,’ the association said.

However, it warned that its patience had limits, noting that it had already demonstrated restraint by suspending the earlier strike and allowing sufficient time to address the issues.

‘We therefore wish to state clearly that if these outstanding demands remain unresolved, the Association shall resume its suspended industrial action effective 28 August 2026,’ the statement said.

The ARD urged the hospital management and Oyo State Government to take decisive action before the deadline to avert another disruption of medical services at LTH Ogbomoso.

The association said it remained committed to the progress of the hospital and the provision of quality healthcare, stressing that ‘a well-motivated, adequately staffed and properly supported workforce’ was essential to achieving those objectives.

Transactions at the Nigerian stock market must be fully paid not later than 5.00 p.m. on the first business day after the transaction in a definitive move that ensures that investors get full value for their transactions within a strictly defined period.

In a circular yesterday, Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), set the 5.00 p.m. deadline for settlement of transactions in equities and commodities.

The deadline redefines the T+1 settlement cycle, which ordinarily stipulated that transactions at the market must be settled a day after the transaction day.

According to SEC, the new deadline was part of the implementation of the T+1 settlement cycle in the Nigerian capital market.

SEC emphasised that all transactions in the affected securities must be fully paid by 5:00 p.m. T+1 to ensure compliance with the standard Delivery versus Payment (DvP) settlement procedure.

The commission warned that where a broker or dealer’s trading account was not adequately funded to meet its settlement obligation within the prescribed period, the default would be managed in line with the Central Securities Clearing System (CSCS) Default Management Procedure and the applicable transaction settlement guidelines of the relevant exchange.

SEC however clarified that foreign portfolio investors are not required to prefund their accounts for trades in the Nigerian capital market, noting that capital market operators facilitating transactions on behalf of foreign portfolio investors must establish and maintain appropriate controls and processes to ensure timely funding and completion of settlements within the prescribed timeframe.

‘The clarification follows earlier SEC circulars on the implementation of the T+2 settlement cycle for equities transactions, issued on June 3, 2025, and the transition to the T+1 settlement cycle, issued on May 15, 2026. The T+1 cycle means that eligible securities transactions are settled one business day after the trade date, reducing the period between execution and final settlement,’ SEC stated.

The commission had described the transition as a significant milestone in its efforts to build a more efficient, resilient and internationally aligned trading and post-trade environment.

According to SEC, shorter settlement cycle would improve settlement efficiency, reduce counterparty risk, enhance liquidity and strengthen the competitiveness of the Nigerian capital market.

SEC noted that the reforms would ultimately improve the attractiveness of the Nigerian market to both domestic and international investors.

Nigeria had on June 1, 2026 made history as the first African country to shorten transaction settlement cycle at its stock market to two days, a milestone that was expected to enhance liquidity and global competitiveness of the Nigerian market.

At a transition ceremony at the Nigerian Exchange (NGX), Nigerian stock market moved from a T+2 or three days to a T+1 or two days transaction settlement cycle. The market had earlier moved from T+3 or four days transaction settlement cycle.

With the transition, investors who sell or buy shares and other securities will have their proceeds or securities delivered within two days, a day after the transaction day. T+1 simply means transaction day and a day.

Stakeholders were optimistic that the transition would impact positively on the Nigerian market performance.

Director-General of SEC Dr. Emomotimi Agama, said the transition was a defining moment in Nigerian market’s evolution.

‘With T+1, all eligible trades executed in the Nigerian capital market now settle one business day after the trade date. What does that mean for a retail investor in Lagos, Kano, or Port Harcourt who sells shares today? It means their cash is available tomorrow. Not in two days. Not in three. Tomorrow. That is capital freed for reinvestment, for consumption, for business decisions – capital that previously sat locked in the settlement pipeline for longer than necessary.’

‘For institutional players and custodians, this shift requires an immediate reconfiguration of operations – faster reconciliation, tighter confirmation windows, and more automated back-office processes. This is healthy pressure. It forces modernisation. It raises the operational standard of every participant in the market.

‘The shorter settlement cycle also saves money by reducing margin requirements – the collateral needed during the settlement window. Processing time drops by approximately 80 per cent, which changes how quickly trades complete and when investors can access their funds. In a market of our scale and ambition, that efficiency gain is not trivial. It compounds across millions of transactions.

‘Most importantly, a shorter settlement cycle dramatically reduces what is known as counterparty risk – the risk that a party to a trade defaults between the time the trade is executed and the time it is settled. Every day that passes between trade and settlement is a day in which market conditions can change, a counterparty can fail, or an operational error can cascade. T+1 closes that window. It makes our market more resilient to shocks, more orderly in its operations, and more trustworthy to the investors we seek to attract,’ Agada said.

Group Chairman, Nigerian Exchange Group (NGX Group), Alhaji Umaru Kwairanga, said the transition was a key step in the ongoing transformation of Nigeria’s capital market.

He said the development underscored the shared commitment of stakeholders to strengthening market institutions, deepening investor confidence, and enhancing the market’s role in supporting economic growth and capital formation.

He said: ‘Milestones such as this reinforce confidence in our institutions and demonstrate our collective determination to build a more efficient and globally competitive capital market’.

Chairman, Central Securities Clearing System (CSCS) Plc and Group Managing Director, Nigerian Exchange Group (NGX Group), Temi Popoola, said the transition represented a critical step in the broader evolution of Nigeria’s capital market.

He noted that while the achievement marked a significant milestone, it was part of a longer journey toward building a deeper, more liquid, and more globally competitive market capable of supporting sustained economic growth and capital formation.

‘While today is a significant milestone, it is not the destination. It is part of a broader journey toward building a deeper, more liquid, efficient, and globally competitive capital market capable of supporting long-term economic growth and capital formation,’ Popoola said.

Managing Director, Central Securities Clearing System (CSCS) Plc, Shehu Shantali said the milestone reflected the strength and operational readiness of Nigeria’s post-trade ecosystem.

He noted that the new settlement cycle would enhance transaction speed, improve liquidity efficiency, and reduce settlement exposure across the market.

‘This transition is far more than a reduction in settlement timelines. It represents a strategic upgrade to market infrastructure and reinforces our commitment to building a more efficient, resilient, and globally competitive capital market,’ Shantali said.

He assured that the CSCS as the nation’s premier central securities depository and a significantly important financial market infrastructure, remains committed to driving the next phase of market evolution.

‘We will continue to invest in innovation, strengthen market infrastructure, deepen collaboration with stakeholders, enhance operational resilience, and support initiatives that improve efficiency, transparency, and investor experience,’ Shantali said.

The Senator representing Edo Central Senatorial District, Joseph Ikpea, has clarified that Senators do not get hold of the money met for constituency projects.

Ikpea, who promised to sustain effective representation of his constituents, said he would continue to engage with the people with a view to knowing their priority projects. The Edo Central Senator spoke on Tuesday at the Edo Central Senatorial District Stakeholders’ Town Hall Meeting, at Uromi, Esan North-East Local Government Area, with the theme, ‘Deepening Legislative Accountability, Development Dialogue and Inclusive Participation.’

Senator Ikpea said he would hold regular consultation that would lead to tangible interventions with a view to improving the lives of constituents.

According to him, Senators are not tied to road construction, as we are lawmakers, and money for constituency projects does not come to us as senators.

‘It goes to the relevant MDA, and the MDA will spread the money to the local governments according to how you want it. I will continue to engage with the people with a view to knowing their priority projects so I can lobby for them. ‘It is only in this kind of meeting that you can ask the people to give you their needs analysis.

I have asked them to go to their various local government areas and bring their needs analysis so I can put them into my template, and from that template, I will execute my projects.’

Leader of the APC in Edo Central Senatorial District, General Cecil Esekhaigbe (Rtd.), described the meeting with the constituents as essential to strengthening democratic governance

Controversial singer Habeeb Okikiola, popularly known as Portable, has thrown his hat into Davido’s proposed $1 million hit-song battle, claiming he has more hit songs than the Afrobeats star.

Davido recently sparked a debate among music lovers after declaring that he was willing to stake $1 million against any artiste who believed they could match his catalogue of hit songs.

During an online stream, Davido maintained that no contemporary artiste had more hits than him and challenged anyone willing to prove otherwise.

Portable has now accepted the challenge, insisting that his singles and collaborations have produced several hit songs.

‘I am here to challenge Davido say I get hit songs pass am. My featuring, my single was a hit. I get hit pass Davido,’ he said.

The singer also credited artistes including Olamide and British rapper Skepta for contributing to his catalogue through collaborations.

Portable rose to mainstream prominence following his collaboration with Olamide and Poco Lee on the hit song Zazoo Zehh. He has since continued to boast about his ability to produce hit songs consistently.

Denge Josef Onoh, Chairman of the Forum of Former Members of the Enugu State House of Assembly and former South-East spokesman to President Bola Tinubu, has rejected South Africa’s demand that Nigeria reimburse it for the cost of repatriating foreign nationals amid its recent immigration crackdown.

Onoh, in a statement made available to journalists from Dar es Salaam, Tanzania, described the demand as an ‘illegal levy’, arguing that Nigeria, as a sovereign nation, should not be compelled to reimburse expenses incurred by the South African government.

His reaction followed reports that South Africa had written to Nigeria, Malawi and Ethiopia seeking reimbursement for expenses associated with the accommodation, transportation and repatriation of foreign nationals.

The South African authorities reportedly said the expenses covered transportation, temporary repatriation centres, accommodation and staff overtime, describing the costs as unforeseen and unavoidable.

But Onoh said Nigeria would not pay any part of the R292 million ($18.5 million) bill.

‘As an independent sovereign nation, Nigeria firmly rejects this illegal levy, which directly violates international law, the principles of continental solidarity, and the fundamental rights of African citizens,’ he said.

Onoh argued that South Africa’s request failed to take into account what he described as substantial financial losses suffered by Nigerian investors and traders during episodes of xenophobic violence and attacks on foreign-owned businesses.

He said Nigeria should instead seek compensation for losses allegedly suffered by its citizens and businesses in South Africa.

According to him, hundreds of foreign-owned small businesses, manufacturing equipment, vehicles and real estate assets had been looted, vandalised or destroyed during anti-immigrant attacks.

Onoh also alleged that Nigerian business owners and other African professionals had been forced to abandon their homes, businesses and investments because of threats of violence.

He accused the South African government of failing to adequately protect African migrants and said the activities of anti-immigrant groups, including Operation Dudula, had contributed to an increasingly hostile environment for foreign nationals.

Onoh said Nigeria was consulting with the governments of Malawi and Ethiopia, as well as affected victims, as part of efforts to assess the extent of the alleged losses.

He said that, if necessary, Nigeria could present a counter-demand for compensation from South Africa to cover losses suffered by Nigerian citizens and businesses.

Onoh further warned Pretoria against using African migrants as scapegoats for domestic security and economic challenges, arguing that such policies could damage South Africa’s diplomatic and economic relations with other African countries.

He also linked the dispute to the African Continental Free Trade Area (AfCFTA), saying hostile treatment of African migrants could undermine the spirit of continental economic integration.

Onoh said Nigeria had historically provided substantial financial, diplomatic and political support to the anti-apartheid struggle in South Africa.

He claimed that Nigeria’s cumulative support between 1960 and 1994 amounted to more than $61 billion, covering financial, military and diplomatic assistance, as well as safe havens and other support for South Africans during the liberation struggle.

‘If a refund is what Pretoria seeks, South Africa must deduct this repatriation bill from its massive, outstanding historical indebtedness to Nigeria,’ Onoh said.

He warned that Nigeria would explore international and multilateral channels to protect its citizens and pursue what it considers legitimate claims against South Africa.

Onoh said Pretoria should reconsider what he described as its ‘xenophobic diplomatic tactics’, adding that reducing relations between the two countries to financial transactions could force Nigeria to present its own ‘historical invoice’.

Actress and filmmaker Iyabo Ojo has raised concerns over what she described as alleged plans against her, saying she remains firm despite the situation.

Ojo expressed her concerns in a recent post on her Instagram page, where she referred to alleged secret moves and visits by unnamed individuals.

The actress said she was aware of what was happening and would continue to speak out while relying on the rule of law and due process.

‘I’m aware my detractors are plotting. I’m solidly on ground!’ she wrote.

She added, ‘As a law abiding citizen, we shall keenly observe adherence to the rule of law, compliance with due process and institutional independence.’

Ojo also said she was monitoring what she described as ‘crooked plans and camouflaged visits’, suggesting that she was aware of conversations taking place behind the scenes.

‘Our eyes are seeing the crooked plans and camouflaged visits. Our ears are hearing the silent whisperings,’ she stated.

Despite her concerns, the actress said she would continue to speak publicly about the situation.

‘And likewise, our lips won’t cease to speak to the consciousness of the society,’ she added.

Addressing her fans and family, Ojo expressed confidence that the truth would eventually prevail, regardless of how long falsehood persisted.

‘My beautiful fans and family, irrespective of how far falsehood may travel, the truth shall catch up with it! The truth shall emerge in earnest,’ she concluded.

Ojo did not identify the individuals she referred to as her detractors or provide further details about the alleged plans in the post.

Redeemer’s University has announced that eight of its Accounting students passed the May 2026 qualifying examinations of the Institute of Chartered Accountants of Nigeria (ICAN).

The university disclosed the achievement in a statement shared on its official Facebook page on Wednesday, noting that the successful candidates were drawn from the 200, 300 and 400 levels.

The successful students are Daramola Mary (200 Level); Adekanla Ayomide and Ojedele David Olatomiwa (300 Level); and Odeyemi Moyinoluwa Elizabeth, Ijiola Olatomiwa Feyisola, Oyelayo Goodness Oyedamola, Taiwo Tomilola and Medal Praise Olabisi (400 Level).

Reacting to the achievement, the Vice-Chancellor of Redeemer’s University, Prof. Shadrach Olufemi Akindele, said the results reflected the institution’s commitment to producing future professionals in the accounting field.

‘The results further reinforce Redeemer’s University’s standing as a formidable nurturing ground for future chartered accountants in Nigeria,’ he said.

The Programme Coordinator of the Department of Accounting, Dr. Temitope Worimegbe, congratulated the students on their success, describing the feat as a proud moment for the university.

‘Hearty congratulations to all our students for their success in the May diet examination of the Institute of Chartered Accountants of Nigeria (ICAN). Of course, you have made the centre, department and university proud! Keep soaring higher. Congratulations!’ she said.

Worimegbe also appreciated the university management for its unwavering support for ICAN-related academic initiatives, noting that the accomplishment reflected the institution’s commitment to professional excellence.

The university said the success of students across different academic levels highlights the Department of Accounting’s efforts to integrate professional accounting qualifications into its undergraduate curriculum, preparing students for careers in the accounting profession.

The Egbe Omo Ogbomoso Parapo (Home Headquarters), the umbrella body of socio-cultural organisations in Ogbomosoland, has kicked against an alleged plan by the Oyo State Government to allocate portions of the Ogbomoso Farm Settlement (Agric) to private investors and developers.

The group, in a letter addressed to the Oyo State Government and signed by its Chairman, Prince Aderemi Olude, and Secretary, Mr. Johnson Adekunle, described the alleged move as unacceptable and warned that it could trigger crisis if not addressed.

According to the group, the controversy is no longer based on mere rumours, as farm settlers allegedly affected by the development have confirmed that surveyors from the state government have begun making incursions into the land.

The body said many of the settlers had spent more than 60 years on the land and opposed any attempt to displace them.

It said Ogbomoso Farm Settlement was established in the early 1960s for crop and livestock production after government acquired about 1,602 hectares, with compensation reportedly paid to the original landowners.

The group said the settlement had sustained generations of farmers and was part of the agricultural legacy associated with the development vision of the late Chief Obafemi Awolowo and the late Chief Samuel Ladoke Akintola.

It, however, raised concerns over alleged encroachment on the farm settlement by the Onpetu, noting that the matter had previously been reported to relevant authorities.

The group also recalled that a portion of the land known as the Old Farm School had been the subject of litigation, with the Supreme Court reportedly awarding the Onpetu 45 per cent of the Old Farm School.

Stressing that its objection was not against investment or development, the community body urged the state government to consider revitalising the farm settlement instead of allocating it to private investors.

It proposed the retraining of farmers, establishment of cattle ranches, development of modern mechanised farms, agricultural institutes and agro-allied industries, including cashew and mango processing factories.

The organisation said such initiatives would create employment, increase agricultural production and generate greater value for Ogbomoso and the state.

‘Rather than turn over the place to the so-called investors, why isn’t it revitalised?’ the group asked, stressing that many people still actively farm on the land.

It warned that evicting the settlers from the farm settlement could amount to destroying a valuable heritage that had served generations.

The group urged Governor Seyi Makinde to intervene and prevent what it described as a potentially contentious development, stressing that there were other locations that could be considered for investors rather than land already occupied by farmers.

‘We therefore on behalf of the vast majority of the people of Ogbomoso declare that we reject this move in its entirety,’ the letter stated.

The organisation appealed to the governor to consider its concerns and help prevent a crisis, while reaffirming its support for his administration and his preferred candidates in the forthcoming general election.

Copies of the letter were sent to the Federal Ministry of Agriculture and Food Security, Federal Ministry of Lands and Urban Development, Inspector-General of Police, Oyo State Commissioner of Police, Area Commander, Ogbomoso, and the Soun of Ogbomosoland, Oba Ghandi Afolabi Olaoye.

Fire has gutted AYM Shafa Filling Station, beside the FCT-IRS Office, on Funmilayo Ransome-Kuti Way, Area 3, Garki, Abuja.

The Controller-General, Federal Fire Service, Olumode Samuel Adeyemi, who served as the Incident Commander, coordinated response at the scene, said the fire involved a petroleum tanker.

According to the Public Relations Officer of the FFS, Paul Abraham, the tanker, which was carrying 60,000 litres of Premium Motor Spirit (PMS), was discharging when the fire occurred, affecting a part of the adjoining FCT-IRS three-storey building before it was contained.

It was learnt that four people sustained injuries. They were evacuated by a NEMA ambulance to a nearby hospital for treatment.

‘Following a thorough inspection of the scene, firefighters confirmed that there was no further fire or casualty, and all responding personnel and appliances have safely returned to their respective stations,’ Abraham said in a statement.

The Service expressed appreciation to residents, motorists and the public for their patience, cooperation and compliance with safety directives throughout the operation.

The Service extended its appreciation to sister emergency response agencies, including the Federal Capital Territory Fire Service, National Emergency Management Agency (NEMA), Nigeria Police Force and other organisations whose collaboration contributed to the management of the incident.

The Controller-General commended the firefighters and emergency responders for their courage, professionalism, discipline and commitment to protecting lives and property.